In a sluggish market, there are still brilliant records of getting rich quickly every day. On the last day of July, 0xSun made $150,000 in just one minute.
This profit shocked many people, such as the famous KOL @CirrusNFT:
I immediately went to watch the whole process carefully. As 0xSun mentioned in his tweet, his previous experience with FLC (Note: Floor Protocol, a protocol that can fragment ERC-721 small pictures into ERC-20 Tokens for trading) helped him discover this huge arbitrage opportunity. It can be said that compared with other players who rush to "On-Chain meme", 0xSun not only pays close attention and rushes fast, but also has rich experience in NFT, which makes him win a big victory.
As 0xSun said, the deployer of this token $BAYC is Ape Finance: Deployer, and at the beginning, the address 0x6B8c262CA939adbe3793D3eca519a9D64f74D184 added 72 ETH to the $BAYC pool. For ordinary "on-chain meme" players, this is enough to degen.
I don’t know who this big investor is, but this address has deposited 1,000 ETH into Blast.
In addition, there are 451 DeFi Apes NFTs in the address, which are the NFT series of Ape Finance, the deployer of the $BAYC contract. NFT players probably still have an impression of DeFi Apes, because in early 2023, "Machi Big Brother" Huang Licheng once promoted the project crazily, and everyone basically believed that he was actually behind the project.
The Ape Finance product itself basically provides lending based on $APE (BAYC's "monkey coin"). Since May 2023, the project's Official Twitter has only posted one tweet in November last year, and then remained silent until May of this year. They launched a function to bridge NFTs from the Ethereum mainnet to Blast, and then on Monday this week, they launched a function to bridge NFTs from Blast back to the mainnet.
It can be said that the Ape Finance project is basically in a state of lying flat... Regarding this new contract, there is no official announcement or previous hint from the Official Twitter Twitter account. The editor also searched the project's Telegram group and their forum, and both places are basically in a half-dead state with no one talking.
The price of $BAYC soared 10 times within 5 minutes of opening, and then was quickly sent away after 0xSun discovered that its contract had the "picture-to-coin conversion" function.
We can also see from the records on Etherscan that the name of the contract is "BAYCExchange", so in fact, the "On-Chain meme" players mistakenly took a new function suspected to be BAYC "picture-to-coin conversion" launched by Ape Finance as "On-Chain meme" rushing, and 0xSun was the first to discover this.
After 0xSun first deposited BAYC for redemption $BAYC, vasechka.eth also discovered it.
vasechka.eth first repaid the loan from Blend and took back the BAYC he had lent, and then exchanged it for $BAYC. The first transaction successfully turned about 9.15 ETH into about 19.36 ETH. He then withdrew another BAYC, but this time the profit was less than 1 ETH. He then added 8 ETH of $BAYC and successfully flipped a profit of 3 ETH.
This operation is difficult for ordinary players to replicate. In addition to the cost of buying BAYC, another thing that cannot be ignored is the risk cost, that is, whether there is a problem with the contract itself. The editor still remembers the former "White Lotus" Lotus. Before the staking contract was launched, the dev was not put on the test network but on the mainnet. As a result, because a bracket was missing in the contract code, all players who found the contract and rushed in in advance were locked and could not withdraw the deposited ETH. At that time, this wave locked up millions of dollars...
So, this was a victory of quick eyes and bravery.
Finally, at 2:40 am today, Ape Finance finally announced on Official Twitter that $BAYC was launched by them - they are not even doing "picture token conversion", it is really a meme token that can be redeemed by depositing BAYC...
It feels so good to start cutting with BAYC. Is there a possibility that the high-level players on the chain disrupted the game that Maji was preparing to start in advance? And the editor believes that this $BAYC may not be over yet, and it may be used to affect the price of BAYC NFT and make profits in both directions...
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